Unite Students Releases Its Trading Update

Unite Students has released its latest trading update, reporting a 99% occupancy rate across its 49,000-bed portfolio for 2017-18.

Beds under nomination agreements with universities have increased to 29,063 representing 60% of Unite's portfolio.

This compares to 58% of beds under nomination agreement during the 2016-17 academic year. The remaining 40% for this academic term are directly let to students.

The student accommodation specialists are expecting to deliver annual rental growth at the mid to upper end of their 3.0-3.5% expectations.

In September 2017 Unite opened five new student residences. Two were in Edinburgh, while the others were located in Oxford, Coventry and Liverpool, totalling 2,152 beds.

All the properties were delivered on time and in-line with appraised costs. All sites were fully let, with 67% of the beds secured on nomination agreements with an average life of 13 years.

Commenting on the company's performance, Unite Students CEO, Richard Smith, said: "We are delighted to have delivered another year of full occupancy and strong rental growth. This performance again demonstrates the value of our partnership approach with many of the UK's leading Universities, built on our unique service platform and outstanding property portfolio."